We have all heard the age-old homage that in order for something to be done right, you need to do it yourself. While that is mostly true when it comes to money management and personal finance, there is also a smarter way to handle things. If you are an entrepreneur or an investor, you may already be familiar with the concept of outsourcing. Outsourcing is the process of sending operations to a third-party source so that your focus can be elsewhere. Its a common practice in the business world, but you don’t have to own a huge company in order to utilize outsourcing for your personal gain. In fact, many of the wealthy people today have found great success using outsourcing to gain and maintain financial freedom.
Let’s look at ‘big picture outsourcing’ first. Imagine a clothing company that has stores all across the nation and offers shipping outside of the country. They offer customer service over the phone, but with such a wide reach, it can be hard to have their store employees answering phone calls about various orders or customer concerns outside of their physical store. This is where outsourcing comes in. By building a separate call center, the clothing company is able to better handle incoming calls and serve long-distance customers while still serving in-person customers coming into their physical stores. Outsourcing helps them better manage their customers and—by association—their income.
How can we apply this concept to our own financial lives? Let’s look at small levels of outsourcing that can help us better manage our time and focus on our energy so that we can achieve financial success:
Levels Of Outsourcing
For the self-employed: Virtual Assistant
The time it takes to respond to various emails, make sure to schedule important tasks and events, and manage expenses can severely cut into time that could be used to earn more money. The answer: virtual assistants. Virtual assistants can access your email inbox, calendar, and budget remotely to help manage day-to-day activities to help you free up time to focus on work.
For the business owner: Marketing Coordinator
If you own a business (like a local restaurant or boutique), it can be hard to juggle running your business and making sure your marketing is successful. By hiring a marketing coordinator, you can trust that someone is taking the time to give your business good publicity and attract new customers. Let your marketing coordinator do the dirty work when it comes to properly advertising so that you can better manage and run your business.
For the working parent: Nanny
If you have kids and work outside of the home, it can be hard to balance your personal and professional lives—especially if your children are not yet old enough to attend school or if you work long hours. Nannies can step in to help manage your household and look after your kids while you work to bring home the dough. Aside from childcare, many nannies are helpful when it comes to cooking meals, cleaning the house, and just looking after general household tasks.
We hope you can see how outsourcing can be beneficial and why so many wealthy people use it to their advantage. Remember: you want to work smarter, not harder—so hire the help you deserve to keep you focused on earning wealth.